Buy now, pay later is a way of paying for purchases via installment loans that generally have no interest. The concept has grown in popularity in recent years, especially in markets such as the United States, Europe and Australia. Numerous players abound, all fighting for market share — from Affirm to Klarna to Afterpay, among […]
From contactless cards and QR codes to buy now, pay later, the way consumers pay has shifted. These experts expect these trends to continue in 2021.
The Xbox Series X stock is back at Game with bundles and Xbox All Access plans available.
2020 threw the marketing industry for a loop. Consumers began behaving in radically new ways, shaped by a pandemic and powerful social justice movements. If we had forgotten that change is the only constant – we never will again! As businesses find their feet, now is the moment to shift gears from adapting to accelerating. Enter Boost Couch Conference – an online event from TNW bringing together CMO’s and leaders from companies like Uber and Klarna to define tactics for maximizing your marketing ROI. Expanding on Re:Brand (one of the most popular tracks at TNW’s flagship event), Boost will cover… This story continues at The Next Web
Payments giant looks to take on the mainstream banks with its attempt to offer a financial super app.
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BNPL, the unintended beneficiary of a pandemic that has accelerated digital payments and has seen ecommerce surge, is growing unfettered this year.
Two top Morgan Stanley commodities players leave; JPMorgan aims to double its financial advisor ranks; why data centers are a hot real-estate play.
Alternative payments provider Klarna is capitalizing on the increasing interest in gaming during the pandemic with its latest campaign, "Playing for Keeps," which was unveiled today, giving gamers the chance to win what it describes as the "ultimate streaming setup." "We pride ourselves on being customer obsessed and for us, that's more than just understanding...
BlackRock, Silver Lake, and Ant Group make up some of Klarna's other investors. The company's app currently has 9 million users in the US.
Summary - A new market study, titled “Global Buy Now Pay Later Platform Market Size, Status and Forecast 2020-2026 ” has been featured on WiseGuyReports.Buy Now Pay Later Platform market is segmented by Type, and by Application.Players, stakeholders, and other participants in the global Buy Now Pay Later Platform market will be able to gain the upper hand as they use the report as a powerful resource.The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2015-2026ALSO READ: segment by Type, the product can be split into 4-month Interest-free 6-month Interest-free OthersMarket segment by Application, split into Fashion & Garment Industry Consumer Electronics Cosmetic Industry Healthcare OthersBased on regional and country-level analysis, the Buy Now Pay Later Platform market has been segmented as follows: North America United States Canada Europe Germany France U.K. Italy Russia Nordic Rest of Europe Asia-Pacific China Japan South Korea Southeast Asia India Australia Rest of Asia-Pacific Latin America Mexico Brazil Middle East & Africa Turkey Saudi Arabia UAE Rest of Middle East & AfricaIn the competitive analysis section of the report, leading as well as prominent players of the global Buy Now Pay Later Platform market are broadly studied on the basis of key factors.The report offers comprehensive analysis and accurate statistics on revenue by the player for the period 2015-2020.It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by player for the period 2015-2020.The key players covered in this study Afterpay Zippay VISA Sezzle Affirm Paypal Splitit Latitude Financial Services Klarna HummFOR MORE DETAILS: Us:Wise Guy Reports is part of the Wise Guy Research Consultants Pvt.
Some who have tried to pre-order an Xbox Series X/S through Xbox All Access have been having serious issues.
Swedish fintech Klarna recorded a loss of $60.6 million in the first half of 2020, despite rising income and an ever-growing user base.
After some big successes in the 2020 IPO class, investors are looking ahead to a big-name slate of more unicorns and decacorns coming to the public market.  Palantir and Asana could go public, perhaps via direct listings, by the end of September. Other big names eyeing IPOs include Airbnb and Snowflake.  Visit Business Insider's homepage for more stories. After a dip in initial public offerings in the spring, the market is back in full swing. Tech companies that sat out market volatility and pandemic-induced business uncertainty in the first half of the year are making plans to exit in coming months, now that the market has calmed down and investors have signaled their desire to put big money to work in newly-public companies.  March, April, and May saw only 13 total IPO pricings, per research from Renaissance Capital. Then June and July ramped up, with 58 pricings total, including tech names like ZoomInfo and SoftBank-backed Lemonade.  Ted Smith, the co-founder of tech-focused investment bank Union Square Advisors, said he's identified 50 tech companies in the IPO pipeline. But even with the uptick, the bar for IPOs could still be high for many tech names.  Read more: Equity is the new debt, with Corporate America selling record amounts of stock to stockpile cash. Here's what prompted the sudden shift. "We absolutely could exceed last year's total numbers of IPOs. Performance so far for the 2020 class has been very positive, which reinforces investors' desire to participate," he said. "It's important not to lose sight of the fact that even with an open IPO market, which I believe we have, the vast majority of exits of venture-backed companies in tech are still going to come from M&A, not an IPO. It's still fairly rarified air with respect to who should become a standalone company."  There were 159 IPOs in 2019 in the US last year, according to Renaissance Capital, of which 41 were tech companies.  Going into 2020, bankers said they'd planned to front-load IPOs to avoid November's tumult, but many of those offerings paused when markets turned volatile in March.    Here are eight companies poised for a public-markets exit, though how they do so – traditional IPO, direct listing, or special purpose acquisition vehicle (SPAC) – is often still up in the air. The companies could decide to stay private and raise additional capital, as many have done in recent months. They could also sell, like when Uber agreed to buy Postmates more than a year after the food delivery company confidentially filed to go public.  See more: Big investors have been slashing valuations on stakes in private companies like Palantir and Sweetgreen. But bankers say there could be a quick fix.SEE ALSO: A 179-year-old data shop just raised $1.7 billion in an IPO. Dun & Bradstreet's president walked us through its quick return to public markets and why the company's in high demand. Affirm As buy now, pay later companies see growing interest from merchants and consumers, one of the biggest players in the space is eyeing an exit this year.  Affirm, founded in 2012 by PayPal cofounder Max Levchin, partners with merchants big and small — from international brands like Adidas to niche retailers like Brooklinen and Peloton. The company is working with Goldman Sachs on a potential 2020 listing or a sale, including to a SPAC, the Wall Street Journal reported last month. An IPO could value the company at as much as $10 billion. A spokeswoman for Goldman declined to comment on Affirm and other IPOs.  Affirm has raised $800 million from investors including Andreessen Horowitz, Lightspeed Venture Partners, and Spark Capital. In its last funding round in April 2019, the company was valued at $2.9 billion, but its valuation has since risen to more than $5 billion – even up to $10 billion, the WSJ reported.  In late April, Levchin told Business Insider that he was eyeing expansion opportunities while other tech CEOs were battening down the hatches. Read more: Shopify and Affirm are partnering up on buy now, pay later in a deal bringing together 2 of the hottest e-commerce players. Here's why it's a big win for both sides. Affirm's peer Afterpay has seen its stock double in the last six months, and it became Australia's largest listed tech company by market value as customers shifted quickly to online shopping.  A spokeswoman for Affirm declined to comment.  Airbnb The homesharing company has played the "will they, won't they" IPO game for more than a year, and some employees' stock grants expire at the end of 2020.  See more: How 3 guys turned renting air mattresses in their apartment into a $31 billion company, Airbnb Airbnb, whose public-markets entrance is guided by Morgan Stanley and Goldman Sachs, was one of many late-stage companies to explore a new form of direct listing that would allow companies to raise capital. The Securities and Exchange Commission shot down the New York Stock Exchange's push for such a rule change in December, though the agency said it could be open to other iterations of the new direct listing.  CEO Brian Chesky said last month that the company has been approached by SPACs, too.  "We're looking at everything, so I probably shouldn't speculate too much on it," he said in an interview at a Reuters Newsmaker event.  In April, the company raised $2 billion in two rounds of debt from investors including Sixth Street Partners and Silver Lake. Reuters reported that warrants the investors received as part of the debt deal can be exercised at an $18 billion valuation, lower than Airbnb's early-March $26 billion valuation.  As Business Insider reported, Principal Global Investors slashed the valuation it put on its stake in Airbnb by 20% from the end of March to the end of June — after it had already cut the startup's worth by 30% in March alone.  The company's revenue dropped 67% in the second quarter, to $335 million, Bloomberg reported in mid-August. Bookings picked up in the end of the second quarter, as customers looked to book lodging for close-to-home getaways, rather than international travel.  Bloomberg also reported that Airbnb would go public by year-end.   A spokesman for Airbnb declined to comment.  Read more: 40 insiders reveal the meteoric rise of Silver Lake's Egon Durban, the tech-focused PE firm's No. 1 dealmaker who strong-armed his way to the top and is about to get $18 billion more to invest Asana Productivity software startup Asana hired banks last year and raised debt earlier this summer ahead of a likely listing in September.  Last week, The Information reported that Asana projected in July that its revenue would jump to $236 million this year, up from $142 million last year, and in 2021, revenue will grow 51%, to $355 million.  The San Francisco-based company hired Morgan Stanley and JPMorgan, the Financial Times reported in December.  And when it raised $200 million in convertible debt, Bloomberg reported in June, cofounder and CEO Dustin Moskovitz was the main lender.  In February, Asana said it confidentially filed paperwork to go public via a direct listing.  Founded in 2008, Asana's investors include Generation Investment Management, Benchmark Capital, and Founders Fund.  The company said it was deepening its relationship with Microsoft, helping it appeal to a broader customer base, Business Insider previously reported. A spokeswoman for Asana declined to comment.  See more: Facebook cofounder Dustin Moskovitz explains how his $1.5 billion startup Asana hit a $100 million milestone   DoorDash The delivery company filed confidential paperwork to go public in late February, with Goldman Sachs as its lead underwriter. Then its plans and business were upended by the pandemic.  In early March, CEO and co-founder Tony Xu told Business Insider that he was in no hurry to go public. "Just because you confidentially file ... it doesn't mean that you're going to go public tomorrow, and it also doesn't mean that you have to go public," Xu said in a meeting at DoorDash's nearly empty San Francisco headquarters. "A lot of this work was done a long time ago."  In mid-June, the company said it raised $400 million in new equity funding at a $16 billion valuation. JPMorgan is also advising DoorDash on its IPO plans, said a source familiar with the path to public markets.  The competitive landscape for delivery companies has changed dramatically in recent months, as the pandemic intensifies demand for DoorDash and its peers. That's led to some M&A, including the July deal for Uber Eats to buy Postmates and a June deal for European company Just Eat Takeaway to buy Grubhub for $7.5 billion.   DoorDash has recently expanded from food delivery to partnerships with big companies like Walgreens and a convenience store concept called DashMart starting in eight cities that delivers convenience, grocery, and restaurant items.   A spokeswoman for DoorDash declined to comment.  See more: Tony Xu, the founder and CEO of $13 billion DoorDash, said the hardest funding round to raise was the first. Here's what he learned from the experience. GitLab Back in 2015, GitLab set a very specific goal: it would go public in November 2020. CEO Sid Sijbrandij said, even before the pandemic, that the developer startup could go earlier or later than the specific date of November 18. In January, the company said it hit more than $100 million in annual recurring revenue.   True to its ethos as a radically transparent company, GitLab laid out the steps it needs to take before it goes public in its handbook. In July, the company removed its previous IPO date target to "maintain flexibility."  Sijbrandij said the company would pursue a direct listing, but it wouldn't rule out a traditional IPO.  In September 2019, GitLab said it raised $268 million at a $2.75 billion valuation. Its investors include Y Combinator, BlackRock, Franklin Templeton, Light Street Capital and Tiger Management, and Two Sigma Investments. It's unclear who's advising GitLab on the IPO process, and a spokeswoman declined to comment on the company's plans.  See more: GitLab is eyeing a direct listing in November 2020, but its CEO explains why the $2.75 billion company could still go the traditional IPO route Instacart Like DoorDash, Instacart's business has exploded during the pandemic.  To keep up with the growth, in June, the grocery delivery company, which was founded in 2012, raised $225 million and then another $100 million in July at a $13.8 billion valuation.  "Overnight, Instacart became an essential service for millions of families across North America," CEO Apoorva Mehta said in a June statement.  No IPO timeline is publicly set, but Mehta told CNN back in January 2019 that he was thinking about it.  "An IPO is definitely on the horizon for us," Mehta said. "As we think about building a long-term company, we think being a public company allows us to do that in the best possible way." A spokeswoman for Instacart declined to comment.  Palantir Palantir Technologies plans to go public using a direct listing in late September, Bloomberg reported last week. Palantir, the secretive data analytics firm founded by Peter Thiel, has spent nearly two decades running on venture capital, and eventually, on revenue. The company announced last month that it had confidentially filed draft paperwork to go public, but so far none of its financial information has been made public. A public filing from early July shows the company is in the process of raising $961 million in private capital. So far it has raised $550 million, mostly from the Japanese holding company Sompo Holdings.  Looking at the direct listing processes for Spotify and Slack – the only companies to go public that way – offer some clues to the path Palantir may take, Business Insider reported on Saturday.  Both Spotify and Slack direct listings relied on the same three financial advisors: Goldman Sachs, Morgan Stanley, and Allen & Company. And both companies listed on the New York Stock Exchange. It's unclear which banks Palantir will work with or where it will list.  A Palantir spokeswoman declined to comment on the company's plans.  See more: Secretive Palantir Technologies is preparing to go public. But behind the cloak-and-dagger image, insiders and investors say, it's struggled to build a steady revenue model. Snowflake Cloud database company Snowflake, advised by Goldman Sachs, filed confidentially with the SEC, the Financial Times reported in June.  Snowflake is aiming for a valuation of between $15 billion and $20 billion. The FT also reported the company was planning a summer IPO but could wait until September or October. When the company raised $479 million in February at a $12.4 billion valuation, CEO Frank Slootman said Snowflake was nearing $1 billion in annual revenue and was close to generating positive cash flows.   Read more: Snowflake is targeting Wall Street with a new data exchange that's already signed up FactSet and Coatue In total, Snowflake has raised $1.4 billion from investors including Sequoia and ICONIQ Capital. "It's going to be the blockbuster enterprise listing for 2020," Constellation Research analyst Ray Wang told Business Insider in June. "Investors are looking for winners on cloud and analytics." Snowflake is building out a data exchange where providers can connect with the consumers of their data in a marketplace hosted and managed by the startup, Business Insider reported in March. Early adopters include the hedge fund Coatue, the data giant FactSet, and the $53 billion asset manager Causeway Capital Management.  A representative for Snowflake declined to comment on IPO plans.  See more: Here's why $12.4 billion cloud startup Snowflake's reported IPO plans could make it 'the blockbuster enterprise listing for 2020'
Affirm, a point-of-sale microlender that lets consumers make purchases with the flexibility to defer their payments over time, is eyeing an IPO with the aid of Goldman Sachs, the Wall Street Journal reported. The move could see Affirm's value soar to up to $10 billion, according to the WSJ report. The possible IPO comes as buy now, pay later has been riding a wave in 2020, buoyed by an increase in online shopping demand and consumers' caution about over-extending their budgets during the coronavirus pandemic. Visit Business Insider's homepage for more stories. Buy now, pay later has been having a moment in 2020 — and one top fintech in the space is now reportedly seeking to go public, with Goldman Sachs's help. The buy now, pay later lender Affirm, which enables online shoppers to use microloans to defer their payments on goods they purchase online, is said to be eyeing an initial public offering that could value it at up to $10 billion, the Wall Street Journal first reported on Thursday. Last year, Pitchbook valued Affirm at $2.9 billion. Goldman Sachs is said to be working with Affirm on listing preparations, WSJ noted. Both Affirm and Goldman Sachs declined to comment on the reporting to Business Insider. The potential IPO isn't set in stone, however, WSJ said, noting that the prep work is still in its early stages and the company isn't guaranteed to go through with it.  Affirm has been planting the flag in the digital retail space in recent months, in a trend that has gained steam as consumers have tightened their budgets and moved to online shopping during the coronavirus pandemic. The digital lender is accepted by more than 6,000 merchants, Business Insider previously reported. Founded in 2012 by Max Levchin, Affirm has been on a roll this summer, announcing last week that it would be Shopify's exclusive partner for buy now, pay later transactions. Read more: Here's how PayPal is looking to boost its credit business by leaning into a buy now, pay later frenzy "Tens of millions of US consumers are going to be exposed to Affirm, which is a huge leap for us in terms of just being visible," Levchin told Business Insider at the time of the announcement. If Affirm doesn't decide to go public with an IPO, another alternative available to the company would be selling itself to a special purpose acquisition company, WSJ noted. SPACs, or so-called blank check companies, raise money through an IPO and then merge with existing companies to take them public. There have been a rush of SPAC debuts in recent weeks, and they've cropped up elsewhere as an option as companies look for paths to the public markets. Uber announced a deal to buy food-delivery company Postmates earlier this month, but Postmates had also been looking at a traditional IPO as well as a possible SPAC deal.  See more: UBS has started pitching its wealth management customers on 'blank-check' companies as the bank looks to tap into a SPAC frenzy Affirm says its buy now, pay later flexibility can drive up consumers' spending — a boon for businesses that accept payments with the product A wide variety of retailers including Walmart, Wayfair, Warby Parker, and even travel sites like Expedia and Travelocity, among others, have adopted the buy now, pay later microloans that Affirm offers customers. It's a simple premise: When consumers can delay making full payments on items, they're more likely to spend more at the time of purchase, Affirm and its competitors say. Indeed, Affirm has said it can drive up average purchase costs by more than 85%. The buy now, pay later fintech niche has been riding a wave in 2020. Read more: Snoop Dogg-backed fintech Klarna is taking a page out of Amex's playbook and launching a loyalty program to edge out its buy-now-pay-later rivals Afterpay, a microlender which is based in Australia that functions similarly to Affirm, saw tremendous growth in the first half of 2020, expanding its customer base by 443% year-over-year, Business Insider reported in May. And PayPal, the digital payments giant, has also made moves to ramp up its deferred payment options, launching a new product in France last month which would give customers the opportunity to divide the cost of their purchases into four installments, spread out over three months. "With COVID and what's happening right now, credit can play a very important and critical role for us," Doug Band, PayPal's senior vice president and general manager of global credit, told Business Insider at the time. Band said that millennials and Gen Z shoppers have been among the most enthusiastic adopters of the buy now, pay later craze. "That's something we're certainly focused on," he said, "helping these consumers with flexibility around various financing options." Read more:  POWER PLAYERS: Meet the 12 key execs driving Shopify, the breakout e-commerce star that's inking partnerships with Walmart and Facebook and seen its stock price triple since March The parent of mortgage giant Quicken Loans is prepping an IPO pitch valuing it more like a payments company than a lender. Here's why. Goldman Sachs is teaming up with JetBlue to help you book vacation now, and pay later. Here's a look at why it's a growing trend for travelers.SEE ALSO: 60 fintechs set to take off in 2020, according to top VCs and investors SEE ALSO: The CFO of Visa maps out 2 areas it's investing in beyond cards to keep up with fintechs that are transforming the payments game SEE ALSO: Retail will need to be reinvented after the pandemic. PayPal cofounder Max Levchin lays out the future of brick-and-mortar, and the 'software fight' that will go on behind the scenes Join the conversation about this story » NOW WATCH: Why electric planes haven't taken off yet
Tech-focused venture fund Draper Esprit announced it has sold its remaining stake in UK fintech darling TransferWise for $22 million. Draper’s sales were part of a $319 million secondary deal in which TransferWise allowed insiders and early investors to cash in their stock. The deal awarded TransferWise a private valuation of $5 billion, up 43% since May 2019’s secondary sales. This ranks TransferWise as one of the UK’s top fintech startups, alongside the likes of Klarna and Revolut. TransferWise chief exec Kristo Käärmann noted secondary rounds like these allow new investors to come in, while simultaneously “rewarding investors and employees who’ve helped… This story continues at The Next Web
  Welcome to Wall Street Insider, where we take you behind the scenes of the finance team's biggest scoops and deep dives from the past week.  If you aren't yet a subscriber to Wall Street Insider, you can sign up here. Goldman Sachs exec Ram Sundaram has solidified his position as a senior leader in the firm's mighty markets division. Sundaram, named sole head of the currencies and emerging-markets team last month, is also responsible for a structured credit group known for much of its history as Principal Funding and Investments. Dakin Campbell took a look at why the elevation of Sundaram — and what some see as his eat-what-you-kill Wall Street mentality — came as somewhat of a surprise to insiders who see Goldman marketing itself as a kinder, gentler investment bank.  You can read the full story here:  Inside the rise of Ram Sundaram, the leader of a secretive Goldman Sachs desk that's minting billions by designing some of the bank's most imaginative — and controversial — trades.  Alex Morrell was breaking news left and right on trader moves this week. A senior credit-trading exec Wells Fargo hired just one year ago is out. And Bank of America shook up its global equities division — twice. As part of a slew of changes, the firm elevated Soofian Zuberi to cohead the group alongside Fabrizio Gallo, the division's sole leader since 2011. Take a look at our latest org chart for Bank of America's equities division. Over at Deutsche Bank, plenty of traders have been saying their goodbyes. That includes the bank's head of investment-grade credit trading, who left just this week. The departure adds to a long list of exits in the firm's credit-trading unit this year. Here's what's been driving a broader exodus at Deutsche Bank's vaunted credit desk, where even rock stars are feeling a pay squeeze.  Buy now, pay later startup Affirm announced this week that it will power Shopify's Shop Pay Installments, which is set to launch later this year. The deal brings together two of the hottest e-commerce players, and Shannen Balogh explained why it's a big win for both sides. She also mapped out Shopify's power players, and you can see the full list here: Meet 12 key execs driving Shopify, an investor darling that's seen its stock price triple since March. More below on the hottest B2B and B2C fintechs, Neiman Marcus' exit from Hudson Yards, the empty space WeWork is marketing in New York, and a roundup of top credit execs and new hires at Apollo.  Enjoy the weekend, Meredith  We're seeking nominations for the 2020 Rising Stars of Wall Street  Business Insider is putting together a power list of young talent on Wall Street in 2020. We want to hear from you on the people who have been rising the ranks and standing out in the worlds of investment banking, investing, and sales and trading.  You can submit your ideas through this form by August 13.  WeWork's long list of empty space WeWork is awash in vacancy in its biggest city, Dan Geiger reported. And the coworking giant's availability rate in New York, which includes spaces that are empty or will be in the coming months, far exceeds that of the overall market. Read the full story here:  20% of WeWork's New York space is sitting empty. Here's a look at key vacancies the city's biggest office tenant is trying to fill. Apollo power players Apollo Global Management has been quietly building out its credit team as the pandemic rages on and investors await a flurry of deal activity. Recent hires have come from Bank of America and PointState Capital, and Casey Sullivan also learned about several others in the works. He took a look at Apollo's credit lineup, including senior execs who will be pulling the strings behind lending deals, and those who Apollo has tapped to help bring its credit investments to the next level.  Read the full story here:  13 Apollo execs, rising stars, and new hires who are propelling the firm's massive push into credit investments 60 fintechs set to take off in 2020 The world of fintech moves fast, with no-name startups turning into fintech darlings with billion-dollar valuations seemingly overnight. Dan DeFrancesco and Shannen Balogh polled 27 fintech investors to find out which startups are on the cusp of breaking out. The submissions were wide-ranging, touching on everything from personal finance to bill pay to data management. You can see the list of B2Bs here:  Investors say these 38 fintechs are the next generation of breakout B2B stars, following in the footsteps of Stripe and Plaid And a roundup of hot consumer-facing fintechs here: 22 fintechs that VCs and big investors say are on the brink of becoming household names Everybody's a macro trader now At the beginning of the pandemic, the market fell with each new update on infection numbers — and alternative data firms were quick to roll out new indices and markers to track the fallout.  But with the S&P 500 almost back at its February highs, hedge funds trying to make sense of it all have had to reimagine the way they use their alt data. And as Bradley Saacks explains, just about every money manager is thinking big picture and looking more like a macro investor. Read the full story here:  Hedge funds are overhauling the way they use alt data as even quants are being forced to think like macro investors Neiman Marcus exits Hudson Yards in Manhattan Neiman Marcus' surprise exit from the one-million-square-foot mall at the Hudson Yards not only knocks out the glitzy retail project's headline tenant — it could also unravel profits for the remainder of the space. As Dan Geiger reports, developers The Related Companies and Oxford Properties had used Neiman's presence to attract other retailers to the 7-level property known as The Shops at Hudson Yards — and many of those tenants have co-tenancy clauses in their leases.  Read the full story here:  Neiman Marcus' exit from the Hudson Yards strikes a blow to the $25 billion mega-project. Here's how the departure could unravel the 1-million-square-foot mall. Real-estate earnings preview Analysts are predicting one of the most bruising quarters in recent memory for major real-estate firms such as CBRE, Cushman & Wakefield, and JLL, which are scheduled to report earnings in the coming weeks. The companies depend heavily on transactions such as sales and leasing that evaporated as the pandemic stalled the economy. But while it could take years for their earnings to rebound, real-estate services companies have also diversified their revenue since the last recession, which could help guard their bottom lines. Read the full story here:  Wall Street analysts say this earnings season could be a bloodbath for big real-estate firms like CBRE and Cushman & Wakefield, with a Great Recession-sized hit packed into just a few months Careers How to use cold emails to land a gig working on Wall Street, according to a JPMorgan banking analyst turned VC who did it herself Top management-consulting salaries, revealed: How much Bain, BCG, and McKinsey consultants make, from entry level through partner roles Wall Street is starting to return to the office — but not everyone is heading back. Here's which finance jobs are the most likely to remain virtual. Charles Schwab will offer half of its virtual interns full-time jobs in the coming weeks. From what to wear to how to stay organized, a talent exec at the brokerage giant shares ways to impress remotely. One of the most powerful women at Bank of America explained how to defeat racial inequality at work: 'It's one thing to say Lives Matter. It's another thing to say, with clarity, Black Lives Matter.' Law firms like Kirkland & Ellis and Jones Day are delaying their first-year associate classes. Here's everything you need to know. New York's bar exam is cancelled. Here's why calls are mounting for the test to be canned completely. Wealth Management Greg Fleming's $43 billion Rockefeller Capital has aggressively poached advisers from the biggest wealth firms. Here's what execs are planning next. Deals 4 charts map out why private-equity dealmaking and fundraising is poised for a rebound, with more firms on the hunt for deals and execs embracing virtual meetings WeWork rival Knotel just told staff it's looking to raise $100 million as it faces a turbulent office market and a host of unpaid bills Real Estate Logistics startup Bond has teamed up with SoftBank-backed REEF Technology to bring nano-warehouses to parking lots across the US. Here's how they're building the distribution hubs of the future. Wells Fargo is ditching a 750-person WeWork space, while Citi inked a deal with the flex-office giant far from a big city. Here's a look at how financial firms are retooling their real estate. The $98 billion cold-storage sector is at a tipping point, and investors are piling in as online grocery deliveries surge Hedge funds  These 5 slides from a small hedge fund's pitchdeck were at the center of a legal battle with Ray Dalio's Bridgewater — and it shows the lengths the billionaire will go to protect his firm's trade secrets A $400 million activist investor returned 44% in the 2nd quarter — and now it's urging one of the drivers of its performance, airport WiFi provider Boingo, to sell itself Payments The CFO of Visa maps out 2 areas it's investing in beyond cards to keep up with fintechs that are transforming the payments game eBay will manage its own payments now that its 5-year agreement with PayPal has expired, and its head of payments is eyeing $2 billion in new revenue Inside JPMorgan's $500 million bet on healthcare payments: the CEO of InstaMed says it's seeing record sales since being acquired by the Wall Street giant Startups SoftBank-backed fintech Kabbage is making a grab at small businesses disillusioned by big banks' PPP rollout by launching its own checking accounts Compass and Latch investor Corigin Ventures just pledged 15% of its portfolio to Black and LatinX founders in a bid to bring diversity to tech and old-school industries like real estate Read the 24-slide pitch deck that 'data janitor' startup Trifacta used to land $100 million from backers including Google and BMW SEE ALSO: We've been tracking big hires and exits across Wall Street. Here's a look at this year's must-know people moves. Join the conversation about this story » NOW WATCH: What makes 'Parasite' so shocking is the twist that happens in a 10-minute sequence
Affirm said on Wednesday it will power Shopify's buy now, pay later product, Shop Pay Installments, set to launch later this year. The partnership dramatically expands Affirm's reach to US consumers looking for an alternative to credit cards. Shopify has been on a product-launching spree, with a focus on ways to boost sales for its merchants. Offering a buy now, pay later option like Affirm can help retailers convert browsers to buyers online. Visit Business Insider's homepage for more stories. Shopify has been on a product-launching spree recently, moving beyond its e-commerce enabling software and eyeing more consumer-facing products.  In early May, it released a consumer-shopping app. Later that month it announced plans to roll out a new buy now, pay later feature for its merchants called Shop Pay Installments, set to go live later this year. On Wednesday, Affirm said that it will be Shopify's exclusive partner powering the buy now, pay later offering. "We're super excited to be part of Shopify's growth," Max Levchin, founder and CEO of Affirm, told Business Insider. Read more: POWER PLAYERS: Meet the 12 key execs driving Shopify, the breakout e-commerce star that's inking partnerships with Walmart and Facebook and seen its stock price triple since March Shopify powers over one million merchants, more than half of which are based in the US. That opens up a huge market of retailers, and in turn, shoppers, that Affirm will now have access to. "Tens of millions of US consumers are going to be exposed to Affirm, which is a huge leap for us in terms of just being visible," Levchin said. Currently, Affirm is available at check out for more than 6,000 merchants. Prior to the announcement, Affirm was available to Shopify merchants through its app store. But retailers needed to integrate Affirm's tech, which, at times, was more complicated.  By powering Shop Pay Installments, the integration on the merchant side will be more seamless, Levchin said. "You just flip the switch and off you go," Levchin said. "It eliminates all forms of complexity and makes it a choice for the merchant that's super easy." Affirm's brand will still be featured on Shop Pay Installments Often, fintechs will sell their tech to other companies, letting them rebrand it themselves. Startup Bread, for example, does this with its buy now, pay later tech, selling it directly to retailers. But with this partnership, Affirm's brand will still be featured on the Shop Pay Installments product. In fact, keeping Affirm's name was a sticking point for Levchin. "We get full credit and visibility. We actually insist. Part of the adherence of our mission is that people need to know who their heroes are," he said. "We are bringing transparent and honest financial products, and people need to know that it's us who are doing it." As they grow in stature, buy now, pay laters are increasingly considering their brand awareness. For example, Klarna recently announced a loyalty program for customers. Valued at $2.9 billion, Affirm has raised $800 million to-date from investors including Andreessen Horowitz, Lightspeed Venture Partners, and Spark Capital. See more: From Affirm to Klarna, buy now pay later startups are booming. But experts warn juggling explosive growth with responsible lending is a tricky balance. Levchin, who was a cofounder of PayPal, has been vocal about Affirm's 'mission of honest finance,' offering consumers a more transparent alternative to credit cards. As part of that, Affirm has never charged late fees. "We think it is incredibly important that we be transparent with our merchants and buyers," Kaz Nejatian, vice president and general manager of financial solutions at Shopify, told Business Insider in emailed comments. "Like Affirm, we believe that products that hide behind late fees and hidden fees are bad for everyone," he added. And Levchin says Affirm's commitment to working with its users that are unable to pay has been key to its success during recent months. "That's the brand Affirm stands for. We will work with you and treat you like a grown up," Levchin said. "Part of that requires the end customer knowing that they're dealing with Affirm, so we really have never white labeled." Offering buy now, pay later can help merchants boost sales Shopify's consumer-focused products — like its Shop app — are all about driving more business to the network of merchants running on its platform. And Shop Pay Installments is no exception. Offering a buy now, pay later product at checkout can help retailers increase sales and convert online browsers to buyers. Affirm, which already partners with brands like Casper and Peloton, says that it can increase average order values by 85% and up repeat purchase rates by 20%, as of May this year. Read more: Buy now, pay later startups are 'having a moment' — here's why retailers like Walmart and Target are betting on installment payments to keep consumers spending "We're looking forward to partnering with Affirm to power Shop Pay Installments in the U.S. for eligible merchants, helping them give their customers better shopping experiences while boosting their overall sales," Nejatian said. Affirm, in addition to other buy now, pay later players like Afterpay and Klarna, continue to see a growing number of consumers sign on for their products, often marketed as a more flexible alternative to credit cards. "Today's consumers want more flexibility when they're shopping and making purchasing decisions," Nejatian added. "By giving our merchants the ability to offer more payment choice and flexibility, we're helping them meet their customers' wants and needs." Read more Buy now, pay later startups are surging. But Affirm CEO Max Levchin says the industry will see a shakeout as the pandemic hits borrowers. $85 billion e-commerce giant Shopify is trying to make banks irrelevant for small businesses. Its chief product officer lays out why. Buy now, pay later startup Affirm just launched a high-yield account with an eye-popping rate. Its CEO explains why the startup wants to cater to both saving and splurging.SEE ALSO: POWER PLAYERS: Meet the 12 key execs driving Shopify, the breakout e-commerce star that's inking partnerships with Walmart and Facebook and seen its stock price triple since March SEE ALSO: Buy now, pay later startups are 'having a moment' — here's why retailers like Walmart and Target are betting on installment payments to keep consumers spending SEE ALSO: Shopify's general manager reveals its last-minute sprint to include a tool for a new app to help small merchants take on Amazon and Walmart during COVID-19 Join the conversation about this story » NOW WATCH: Leslie Odom, Jr.'s $500,000 gamble that led to a starring role in 'Hamilton'
PayPal is building out its credit business as shopping trends shift due to coronavirus.  While PayPal has had a buy now, pay later solution since 2008, its focus is shifting to shorter-term payment plans geared toward young consumers.  The tech giant just launched a buy now, pay later solution in France, offering consumers the ability to split purchases into four installments. Buy now, pay later startups like Afterpay and Klarna have seen a boost during the pandemic as more consumers shop online and look for ways to stretch their dollars. Visit Business Insider's homepage for more stories. Buy now, pay later isn't new, but fintechs and incumbents alike have been making big bets that consumers will spend more if they can split up purchases into installments. PayPal has long been known for facilitating e-commerce checkouts and for its peer-to-peer payments app, Venmo. But the payments giant has actually offered a buy now, pay later solution since 2008, when it acquired Bill Me Later. PayPal rebranded it as PayPal Credit in 2014, offering shoppers interest-free installment payments, spread over 6 months. However, it's been younger fintechs like Afterpay, Klarna, and Affirm that have gotten attention recently for their buy now, pay later programs. The former two, in particular, have resonated with a younger audience thanks to their short-term payment plans spread over just four payments and ability to directly embed themselves in merchants' websites. And while PayPal has leaned toward longer-term installments, it appears the payments giant is catching on to the newcomers' strategy. In June, it launched a new product in France, giving customers the ability to split purchases into four equal payments over three months. "Our launch in France is exactly what a lot of consumers are moving towards, which is using this product and creating a smoother cash flow experience for them," Doug Bland, senior vice president and general manager of global credit at PayPal, told Business Insider. "With COVID and what's happening right now, credit can play a very important and critical role for us," he added. Read more: POWER PLAYERS: Meet the 8 PayPal execs shaping the payment giant's future as its stock rockets to record highs and e-commerce surges Offering consumer credit benefits PayPal's merchants, too Amid the coronavirus pandemic, with more consumers shopping online, buy now, pay later has taken off. Offering customers the ability to stretch payments over time, especially during times of economic uncertainty, is key.  Millennial and Gen Z consumers, in particular, have been quick to adopt these new forms of credit, Bland said. "The thing that tends to not get as much attention from a segmentation perspective is how much Millennials and Gen Z actually use and leverage our products," Bland said, "and that's something that we're certainly focused on, helping these consumers with flexibility around various financing options." And by offering consumers the ability to buy now, pay later, PayPal drives sales for its merchant customers, Bland said.  "Credit tends to be a loyalty accelerator for merchants in terms of seeing a higher average online value of purchases," Bland said. Bland declined to comment if or when the short-term payments plan rolled out in France would be brought to the US. When offering PayPal credit, merchants have seen average order values increase by 58% for electronics and 28% for fashion among millennial consumers. And among Gen Z, PayPal has seen order values increase by 40% and 90% in fashion and electronics, respectively.   Buy now, pay later startups also say they're able to increase average order values and help convert online browsers to buyers. Affirm says it can help increase average purchase sizes by upwards of 85%, Afterpay says merchants see a 20% to 30% increase, and Klarna says it can increase order values by upwards of 45%. Read more: Buy now, pay later startups are 'having a moment' — here's why retailers like Walmart and Target are betting on installment payments to keep consumers spending Merchant lending is a key part of PayPal's credit business It's not just about lending to consumers that Bland is focusing on. PayPal also offers its merchant customers lines of credit and working capital.  The differentiator for the payments giant from traditional lenders is leveraging data that already sits on its platform. While banks typically look at credit bureau information to make lending decisions, PayPal can use data around a company's sales to determine how much to lend. PayPal isn't the only payments player that uses businesses' sales data to lend. Payments giants like Square and Stripe, too, offer working capital and loans to their merchant customers. "With the proprietary data that we're able to see within PayPal Working Capital, we're able to understand the velocity of payments, both inflows and outflows, of what's happening with each of these merchants," Bland said. "We're able to make predictive decisions based on that data that other lenders just don't have access to and are unable to see," he added. Read more: POWER PLAYERS: Meet the 11 American Express execs tasked with evolving the card giant to keep pace with the booming e-commerce space Fintech investors say the Wirecard scandal will put increased regulatory pressure on payments companies and stymie growth for startups SEE ALSO: POWER PLAYERS: Meet the 8 PayPal execs shaping the payment giant's future as its stock rockets to record highs and e-commerce surges DON'T MISS: Buy now, pay later startups are surging. But Affirm CEO Max Levchin says the industry will see a shakeout as the pandemic hits borrowers. NEXT UP: Tencent just snapped up a $250 million stake in Afterpay. Now the 2 are gearing up to bring buy-now-pay-later options to China's massive e-commerce market. Join the conversation about this story » NOW WATCH: Why you don't see brilliantly blue fireworks
With the onset of customization and online sales, more buyers prefer to shop with advanced technology and comfort of home then stepping out and purchasing products.With the help of our customization software, buyers can digitally view and check if it goes with their room.Furniture Software Assists Brands to Bring Back the Focus on Ecommerce BusinessKeeping up with the latest trends in ecommerce, including both back-end efficiencies and front-end conversion-optimization experiences, is paramount for the retail landscape of 2020.According to BigCommerce, global ecommerce sales will reach $4.2 trillion and makeup 16% of total retail sales.And these numbers are only predicted to go up as we continue as the year progresses.The store owners can’t sit back, relax, and expect the cash to flow in.A consumer’s purchasing journey’s fragility is revealed, with nearly four in ten U.K. shoppers abandoning a purchase at least once a week.The experts believe that retailers need to prioritize shoppers’ needs to save their bottom lineLet’s find out what are the various factors compelling people to shift their focus from ecommerce:Lack of faster Delivery OptionsThe joint research by BigCommerce and Klarna found out why many people are abandoning the online product they are buying because of the many technical glitches they face while ordering.